E-wallet boom boosts financial inclusion in first quarter

MANILA, Philippines — Filipino adults with formal financial accounts rose to 58 percent in the first quarter, driven by the rapid adoption of e-wallets, according to a survey commissioned by the Bangko Sentral ng Pilipinas (BSP).

However, many Filipinos remain excluded from the financial system due to “lack of money, unemployment and limited knowledge of how to open an account,” the survey found.

The latest Social Weather Stations (SWS) survey showed that account ownership among adults aged 18 and above climbed to 58 percent in the first quarter from 48 percent in the same period in 2025.

The latest figure was also higher than the 51 percent recorded for the same age group in the 2025 BSP Consumer Finance and Inclusion Survey.

Among surveyed adults, 43 percent reported owning an e-money account, while 21 percent disclosed having a bank account.

“The BSP will continue to broaden access to financial services. This will enable more Filipinos to save, manage their expenses and improve their overall financial health,” BSP Governor Eli Remolona Jr. said, welcoming the result of the survey.

The central bank said it would continue to push inclusion through financial education programs and its Paleng-QR Ph Plus initiative, which promotes digital payments using QR Ph codes. This program also supports account ownership through on-site account opening activities.

The term “formal financial account” was defined as any of the following: e-money account, bank account, account with a microfinance non-government organization, account with a cooperative, or account with a Non-Stock Savings and Loan Association.

The BSP said the survey included rider questions from the central bank, which provide valuable insights into public awareness and sentiment on economic and financial issues.

“The results enable the BSP to refine its education and communication initiatives while tracking the effectiveness of key programs over time,” it added.

The survey was conducted from March 24 to 31, where SWS interviewed 1,500 respondents.